Registration Number
05393803
Registered Address
Central Square 29 Wellington Street Leeds England LS1 4DL
Company Status
Liquidation
Employee Count
170
Turnover
£38,953,000
EBITDA
£11,044,000
Website
travelex.comCompany Type
Private limited Company
Incorporated on
16 March 2005
Nature of Business (SIC)
82990 - Other business support service activities not elsewhere classified
Industries
0
Region
Yorkshire and The Humber£30,387,000
£18,096,000
Filed
30 Jan 2020
Period
01 Jul 2019 - 31 Dec 2019
Average Time to Pay
20 days
Payment Periods
Shortest
45 days
Longest
0 days
Max Contractual
45 days
Not Paid Within Terms
61%
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 20 | 67% | 24% | 9% | 61% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 27 | 79% | 5% | 16% | 67% |
TRAVELEX BANKNOTES LIMITED is a global company that specializes in the production and distribution of banknotes and related security products
The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact
Their products and services include secure banknotes, polymer banknotes, and other security features such as holograms and security threads
They also offer a range of currency services, including foreign currency exchange, pre-paid travel cards, and money transfers
The key people leading TRAVELEX BANKNOTES LIMITED include CEO James Cameron and Chairman Sir Lloyd Dorfman
The company has a strong global presence with offices in over 30 countries and a network of more than 1,500 ATMs
In terms of sustainability, TRAVELEX BANKNOTES LIMITED has implemented a responsible sourcing policy, which ensures that all materials used in their banknotes are ethically and sustainably sourced
They also have a recycling program in place to reduce waste and promote circular economy practices
Their registered office address is located in London, UK, and their website address is https://www.travelexbanknotes.com/
Customers can contact them through their website or by phone at +44 (0) 20 7818 8000
Overall, TRAVELEX BANKNOTES LIMITED is a reputable company with a strong commitment to sustainability and providing high-quality banknote and currency services to its global clientele
The average time to pay for TRAVELEX BANKNOTES LIMITED has decreased from 27 days in the first half of 2019 to 19 days in the first half of 2020. This indicates an improvement in the company's ability to pay invoices in a timely manner. Additionally, the percentage of invoices paid within 30 days has increased from 79% in the first half of 2019 to 70% in the first half of 2020. This shows a trend towards earlier payments.
The volatility of TRAVELEX BANKNOTES LIMITED's payment performance can be seen in the fluctuation of the percentage of invoices paid within 30 days. In the first half of 2019, this percentage was 79%, then dropped to 67% in the second half of 2019, before increasing again to 70% in the first half of 2020. This indicates some inconsistency in the company's payment practices.
In the first half of 2019, TRAVELEX BANKNOTES LIMITED had an average time to pay of 27 days, with 79% of invoices paid within 30 days and 16% paid later than 60 days. By the first half of 2020, the average time to pay had decreased to 19 days, with 70% of invoices paid within 30 days and only 6% paid later than 60 days.
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The Company’s standard supplier payment terms are included in the Group’s Standard Supplier Terms and Conditions (‘‘Standard Supplier T&Cs’’). The standard payment term of the Company is 45 days (the ‘‘Standard Payment Term’’). The Standard Payment Term is applicable to new supplier contracts. The rules governing the Company’s payment process are included in our Standard Supplier T&Cs. A supplier is required to invoice the Company on completion of the services rendered through such invoicing procedure as notified by the Company to the supplier from time to time. Each invoice should include supporting information required by Company to verify the accuracy of the invoice, including but not limited to, the relevant purchase order number. Under our Standard Supplier T&Cs and in consideration for the supply of the services by a supplier, the Company is required to pay the invoiced amounts within 45 days of the date of a correctly rendered invoice sent by a supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
45
The Company is committed to comply with the payment terms agreed with a supplier. Any dispute related to supplier payment will be handled by the Company’s Legal department and/or Procurement team. The Company’s Standard Supplier T&Cs include the following provisions in relation to the process for resolving disputes related to payment: If the Company fails to make any contractual payment due to a supplier by the due date for payment, then, without limiting the supplier's available remedy as set out in our Standard Supplier T&Cs: - The Company is required to pay interest on any overdue amount at the rate of 3% per annum above The Bank of England's base rate from time to time. - Such interest will accrue on a daily basis from the due date until the date of actual payment of the overdue amount, whether before or after a potential judgment. - For payments disputed in good faith, interest on any overdue amount will only be payable after the dispute is resolved, on sums found or agreed to be due, from the due date until payment. In addition to our standard supplier payment terms, Travelex’s Global Supplier Governance Policy (the ‘‘Policy’’) governs the relationship between the Group and its suppliers. The Policy outlines the governance standards that must be adhered to by the Group, including the Company, when engaging in the activity of purchasing products and services from third parties. The Policy also aims to ensure that the Group meets the obligations of its partners and regulators.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
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